Net income in 2014 was $_________. USE THE FINANCIAL DATA BELOW TO ANSWER QUESTI

Question

Net income in 2014 was $_________.

USE THE FINANCIAL DATA BELOW TO ANSWER QUESTIONS 2-8 2014 2013 16,200 48,60044,500 24,30016,200 81,00098,000 64,80081,000 56,70064,800 Category Accounts payable Accounts receivable Accruals Cash Common Stock COGS 0 4,050 Depreciation expense Gross fixed assets Interest expense 121,500145,800 8,100 40,50060,800 81,00089,100 101,500121,500 44,80037,200 Operating expenses (excl. depr.) 12,10016,200 40,50060,800 105,300121,500 6,480 6,400 Inventories Long-term debt Net fixed assets Notes payable Retained earnings Sales Taxes 4,860

Explanation / Answer

Net Income = Sales - COGS - Operating expenses - Depreciation - Interest expense - Taxes

= 121,500 - 64,800 - 16,200 - 4,050 - 8,100 - 6,480

= 21,870

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